Blockbuster Q3 Revenue Climbs 9.6%
Dallas - Blockbuster, which this year has added CE video products in all its 5,000-plus outlets throughout the United States to its basic lineup of rentals and game entertainment, recorded a 9.6 percent increase in revenue in the third quarter. This hit $1.4 billion, up from $1.3 billion in the year-ago period. Same-store worldwide revenue climbed 6.9 percent in the quarter ended Sept. 30. Net income for the three months reached $51 million, compared with a net loss of $224.9 million year-on-year. The company took charges of $312 million in the third quarter of 2001. For 2003, the company, which intends to continue transforming itself into a complete source for movies and games, expects revenue to grow in excess of 10 percent.
Kodak Gets Lift From Digital Cameras
Rochester, N.Y. - Digital cameras helped Eastman Kodak lift third quarter sales in its photography segment by 1 percent, to $2.41 billion, up from $2.40 billion in the year-ago period. Photography segment sales inside the United States, however, dropped 5 percent in the third quarter, to $1 billion, compared with $1.1 billion in the same three months in 2001. Earnings from operations in the segment in the three months increased 45 percent, to $324 million, compared with $223 million in the same quarter last year. Net earnings in the segment soared 60 percent during the third quarter, hitting $232 million, up from $145 million year-on-year. For the quarter, streamlined operations helped Kodak post an overall profit of $334 million, up from $96 million in the same three months last year. Third quarter consolidated revenue was relatively flat, at $3.4 billion, up from $3.3 billion year over year.
Logitech Q2 Sales Increase 16%, Net Income Soars 51%
Fremont, Calif. - Personal interface products maker Logitech posted a 16 percent increase in sales for its fiscal second quarter, hitting $251.8 million, up from $217.6 million in the year-ago period. Net income jumped 51 percent in the second quarter, ended Sept. 30, reaching $21 million, compared with $14 million in the same three months in 2001. Total revenue for the fiscal six months grew 15 percent, to $446.8 million, up from $388.5 million in the same period last year. Net income for the six months climbed 57 percent, to $31.8 million, from $20.3 million. For the fiscal year, Logitech - which offers mice and trackballs, keyboards and headsets - expects revenue of $1.1 billion, an increase of 13 percent over the previous fiscal year. Its operating income goal is $120 million, a 23 percent jump, when compared with the prior year. In the current quarter, ending Dec. 31, revenue is anticipated in the range of $330 million to $335 million, 10 percent to 12 percent above the last year. Operating income should reach $48 million in the third quarter, 14 percent higher than the previous year.
Imation Reports 21% Q3 Rise In Data Storage Revenue
Oakdale, Minn. - Magnetic and optical removable data storage media supplier Imation reported revenue of $263.8 million in the third quarter, flat, when compared with the $265.6 million recorded in the same three months last year. However, the third quarter 2001 period total includes net revenue of $37.9 million for the sale of a business. Data storage revenue, 95 percent of overall company revenue, increased 21 percent in the third quarter. Income from continuing operations hit $16.4 million in the third quarter, ended Sept. 30, a rise from $9.1 million in the year-ago period. Net income reached $18.5 million in the three months, up from $10.1 million year-on-year. For the nine months, revenue hit $795.8 million, down from $819.5 million the previous year. The nine month 2001 revenue total includes net revenue of $124.8 million for sale of the business. Imation reported a net loss of $3.9 million for the nine months, compared with net income of $28.8 million the previous year. In the fourth quarter, the company anticipates data storage revenue in the range of $255 million to $265 million, up from the $250 million recorded in the third quarter.
Lexmark Enjoys 19% Q3 Revenue Increase
Lexington, Ky. - Printing solutions maker Lexmark International reported a 19 percent rise in third quarter revenue for its laser and inkjet supplies, to $568 million, compared with $476 million in the same three months last year. This helped to boost overall quarterly revenue 5 percent, to $1 billion, up from $996 million in the year-ago period. Laser and inkjet supplies now represents 55 percent of total Lexmark revenue, up from 48 percent in the prior year third quarter. Laser and inkjet printer revenue was off 3 percent in the three months ending Sept. 30, hitting $381 million, compared with $393 million the previous year. Gross profit margin climbed 230 basis points in the third quarter, to 32.5 percent. Net earnings were $89.8 million, compared with $70 million year over year. Lexmark nine-month revenue jumped 6 percent, reaching $3.1 billion, up from $3 billion in the same period in 2001. Net earnings were $250.4 million in the third quarter, an increase from $236.8 million in the same nine months in 2001. Facing a weak consumer market and aggressive competition, the company anticipates a year over year revenue growth rate in the low- to mid-single digits for the fourth quarter.
Plantronics Fis. Q2 Revenue Rises 10%
Santa Cruz, Calif. - Revenue jumped 9.4 percent during the fiscal second quarter at headset maker Plantronics, hitting $82.4 million, up from $75.3 million in the year-ago period. Second quarter net income reached $11.5 million, compared with $6.8 million in the second quarter of 2001. Year to date sales for the period ended Sept. 30 hit $162.6 million, up from $153.1 million in the same six months last year. Six-month net income rose to $21.7 million, compared with $14.9 million in the year-ago six months. Plantronics expects fiscal third quarter sales to be in the $83 million to $87 million range. It also expects lower third quarter gross margin due to timing of payments to resellers and an anticipated product mix shift, with higher sales of mobile products.
Universal Electronics Q3 Sales Decrease 19%
Cypress, Calif. - Wireless technology developer Universal Electronics recorded sales of $26 million in the third quarter, ended Sept. 30, down about 19 percent from the $31 million reported in the year-ago period. Net income dropped to $1.9 million, down from $2.8 million in the third quarter of 2001. For the nine months, sales decreased to $74 million, or about 18 percent, when compared with the $91.2 million reported in the same period last year. Net income for the nine months was $3.9 million, down from $7.7 million in the year-ago nine months. Universal said reasons for its third-quarter shortfall stem from the continuing economic climate, the cable and satellite industries that have restricted capital expenditures and the consumer electronics retailers that have reduced their forecasts.
O'Sullivan Q1 Sales Off 13%
Lamar, Mo. - Disappointed by its top line performance, ready-to-assemble furniture maker O'Sullivan Industries Holdings registered a 12.9 percent sales decrease in its fiscal first quarter, reaching $71.6 million, compared with $82.2 million in the year-ago period. Operating income for the first quarter, ended Sept. 30, increased 25.7 percent, to $7.9 million, compared with $6.3 million in the same three months last year. Net loss in the third quarter edged up to $1.6 million, compared with $1.4 million in the year-ago three months. With the lack of consumer confidence in the economy, O'Sullivan continues to be less optimistic about improving sales levels during the remainder of its fiscal year. It expects sales in its fiscal second quarter to be flat to slightly down from the prior year.
Costco Q4 Sales Increase 10%,
Issaquah, Wash. - Warehouse club Costco Wholesale enjoyed a 10 percent sales increase for its fiscal fourth quarter, ended Sept. 1. Sales reached $12.1 billion, up from $10.9 billion in the year-ago period. Comp warehouse sales during the fourth quarter climbed 6 percent year-on-year. Costco's net income in the fourth quarter increased 30 percent, hitting $247.4 million, up from $190.7 million in the fourth quarter of 2001. For the year, company sales rose 11 percent, to $38 billion, compared with $34.1 billion in the previous 12 months. Comp warehouse sales moved up 6 percent for the year. Net income for the fiscal year increased 16 percent, reaching $700 million, up from $602.9 million in the same period last year.